Saturday, October 4, 2008

The Pen And The Damage Done

The Bailout Bill has passed.

Here is what Dennis Kucinich had to say about it:
"This bill fails to address the fact that millions of homeowners are facing foreclosure, are facing the loss of their home. This bill will take care of Wall Street, and the market may go up for a few days, but democracy is going downhill."

If the Fed is going to bail out the banks, they certainly will need to bail out mortgage holders as well, otherwise the foreclosures will continue to drag down the economy, and the bailout will have been for naught. Once again, it seems, Socialism for the Ultra-Wealthy trumps both the American fiscal religion of so-called Free Market Capitalism and the so-called Compassionate Socialism of places like Scandinavia. Either of those would be preferable to another huge taxpayer bailout of huge corporations and their wealthy, at-fault officers which (according to a number of economist-pundit types) may not even accomplish its goals.

In America, "Socialism" is just fine so long as it involves taking from the middle-class taxpayer and giving to the ultra-rich. Both real Liberals and real Conservatives ought to be disappointed in this whole situation. But since it's costing me, as a taxpayer, so much -- I sure hope it works.

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